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California and Washington, D.C. issue student loan servicing regulations

by Ballard Spahr LLP on

California and the District of Columbia have recently released regulations under their respective student loan servicing laws. Each is taking comments on its regulations, but whereas California has merely issued proposed...more

Director Cordray Invites Secretary DeVos to Resurrect CFPB-ED Cooperation

by Ballard Spahr LLP on

Consumer Financial Protection Bureau (CFPB) Director Richard Cordray has responded to the letter from the Department of Education (ED) terminating the Memoranda of Understanding (MOUs) between the agencies....more

Congressional Preview - Fall 2017

Summer isn’t quite over yet, but the August recess is coming to an end and Congress returns next week to resume work on a number of outstanding issues, as the Trump Administration continues to aggressively implement the...more

U.S. Department of Education Delays Borrower Defense to Repayment Regulations, Announces New Negotiated Rulemaking Committees

by Hogan Lovells on

On June 14, the U.S. Department of Education (“ED”) announced its plan to convene negotiated rulemaking committees to consider revisions to two major sets of regulations that were developed by the Obama Administration. ED...more

The looming student debt crackdown: compliance and enforcement lessons from the foreclosure crisis

Given the parallels between the current student loan debt crisis (including the CFPB, Illinois and Washington’s recent lawsuits against Navient) and the foreclosure crisis of 2010-14, now is a good time to reflect on the...more

Financial Services Weekly News - April 2016 #4

by Goodwin on

Regulatory Developments - Federal Banking Regulators Propose Net Stable Funding (Liquidity) Ratio - The Board of Governors of the Federal Reserve System (Federal Reserve), the Federal Deposit Insurance Corporation...more

CFPB Suffers First Official CID Challenge

by Morrison & Foerster LLP on

On April 21, 2016, Judge Richard J. Leon of the United States District Court for the District of Columbia ruled on the first judicial challenge to the Consumer Financial Protection Bureau’s (“CFPB,” or “Bureau”) authority to...more

Federal Court: CFPB Overstepped Jurisdiction in Issuing CID to For-Profit Colleges Accreditor

by Holland & Knight LLP on

Judge Richard J. Leon of the U.S. District Court for the District of Columbia on April 21, 2016, ruled that the Consumer Financial Protection Bureau (CFPB) did not have authority to issue a Civil Investigation Demand (CID) to...more

CFPB Cannot Force For-Profit College Group to Comply With Investigative Demand

by BakerHostetler on

On April 21, the United States District Court for the District of Columbia ruled that due to a lack of authority under existing consumer protection laws, the Consumer Financial Protection Bureau (“CFPB”) cannot require a...more

CFPB lacked authority to issue CID issued to college accrediting organization, D.C. federal district court rules

by Ballard Spahr LLP on

The D.C. federal district court has ruled that the CFPB exceeded its statutory authority when it issued a CID to the Accrediting Council for Independent Colleges and Schools (ACICS) in August 2015....more

PAC Opinion Finds Municipal Bank Account Numbers Subject to FOIA

by Franczek Radelet P.C. on

Earlier this year, the Public Access Counselor (PAC) issued an under-the-radar advisory opinion that could have an impact on responses to Illinois Freedom of Information Act (FOIA) requests. According to the non-binding...more

Michigan Governor Signs Early Warning Legislation for Financially Distressed School Districts with Immediate Effect

by Miller Canfield on

On July 7, Michigan Governor Snyder signed into law a package of bills, all with immediate effect and most with a tie bar to at least one of the other bills in the package, creating an early warning system to identify the...more

House Bill 15-1348-Urban Renewal – Frequently Asked Questions

by Butler Snow LLP on

H.B. 15-1348 was signed by the Governor on May 29. The bill enacts several changes related to urban renewal authorities and tax increment financing for such authorities including governance changes and changes related to how...more

Nevada Legislature Changes Procedure For Certain Bonds (AB 170)

by Sherman & Howard L.L.C. on

AB 170, a bill amending NRS 350.020 passed by the Nevada Legislature, was signed by the Governor on June 11, 2015. It amends subsection 3 of NRS 350.020 which specifies the procedures to be followed to issue general...more

CFPB Holds a Field Hearing on Student Loan Servicing Issues

by Ballard Spahr LLP on

On May 14th, the same day that the CFPB launched a public inquiry into student loan servicing loan practices (the “Request for Information”), the CFPB held a public field hearing in Milwaukee, Wisconsin to address issues with...more

SEC Files Fraud Action Centered on Student Loans

by Dorsey & Whitney LLP on

Student loans, and the debt burdening many students at graduation, is an important political topic. It is not generally a subject for the Securities and Exchange Commission. Nevertheless, at the center of is most recent...more

See You In Court – May 2015

by Shipman & Goodwin LLP on

Seymour Dollars, the irascible Chairperson of the Nutmeg Board of Finance, gave the Board of Education a very hard time throughout the entire budget process this year. He questioned the Board down to the minutest detail of...more

U.S. Department of Education Fines College for Job Placement Rate Disclosure Violations

by Ballard Spahr LLP on

The U.S. Department of Education (Department) intends to fine a college more than $29 million for allegedly misrepresenting job placement rates and failing to comply with federal placement rate disclosure requirements. The...more

The Consumer Financial Protection Bureau's case against Corinthian Colleges - Blog: Consumer Financial Protection Bureau

by Nexsen Pruet, PLLC on

My most recent blog entries have been focused on the CFPB’s new mortgage servicing rules and the Flagstar Bank enforcement case. I’m going to switch gears for a moment and take a look at the Corinthian Colleges case. ...more

The CFPB & UDAAP: A ‘Know It When You See It’ Standard?

by Morrison & Foerster LLP on

The Consumer Financial Protection Bureau’s (CFPB) continued and expanded reliance on its sweeping authority to prohibit unfair, deceptive, and abusive acts or practices (UDAAP) continues to command the attention of financial...more

OMB and Federal Agencies Publish Final Rule on Grants and Cooperative Agreements

by Morrison & Foerster LLP on

On December 19, 2014, the White House Office of Management and Budget (OMB) and 28 federal agencies published in the Federal Register a consolidated interim final rule to implement OMB’s December 2013 final guidance on...more

How to project gainful employment rates – Part 4

by Thompson Coburn LLP on

By this point our Gainful Employment Series, you will have determined the scope of your institution and the programs that qualify as “GE Programs” (Part 1), created your student cohort (Part 2), and started calculating...more

How to Respond to a CFPB Civil Investigative Demand

by Latham & Watkins LLP on

Under CFPB’s broad mandate, many companies outside the financial services industry may be subject to expensive civil investigations. A for-profit technical school may not appear to be a financial services company. But...more

Deadline Approaches for Gainful Employment Disclosures

by Holland & Knight LLP on

Institutions of higher education that receive Title IV funding must properly disclose certain information concerning course offerings that are or may be considered gainful employment programs by the U.S. Department of...more

CFPB proposes more information collections

by Ballard Spahr LLP on

Earlier this week, the CFPB published in the Federal Register a request for comments on its plans to submit a request to the Office of Management and Budget for generic clearance of an information collection to assist the...more

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